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Jiang Yang Of CSRC: Canaan Should Be Listed In China Stock Market

On April 22, according to the official announcement of Canaan Creative(Avalon), Jiang Yang, Vice Chairman of the China Securities Regulatory Commission, and his party conducted an site visit to Canaan in Hanghzou. Jiang expressed the hope that Canaan will be listed in the domestic stock market.

Kong Jianping, the joint chairman of Canaan Creative, introduced the IC development of the company, focusing on the application scenario of bitcoin mining and AI.

After learning the details of Canaan’s acquisition attempt in 2016 and the latest listing plans, Jiang Yang said :
“No matter what your chip is used for, you are essentially a chip company and I hope you will be listed in domestic stock market.”
“In the face of new technologies, new industries and new models, it is natural not being able to understand them. This kind of business is experiencing explosive growth. If you really understand it, it will be far gone ahead. Our listing work needs to be improved.”

Canaan is the second largest Bitcoin mining chip manufacturer in the world. Within four years of its establishment, the company has achieved significant growth. In 2015, the operating revenue was 55,317,300 yuan with net profit of 2,455,300 yuan. The 2016 operating revenue was approximately 316 million yuan with profit of 5,806,600 yuan. It is said that the sales of Canaan in 2017 was over 1.2 billion yuan with net profit of over 300 million. All of these was achieved by only four sales staff.

Prior to this, Canaan said that the company gave up application for listing on NEEQ and turned to the Hong Kong stock exchange. Although the supervision and cooperation between the Hong Kong financial regulatory authorities and the mainland financial regulators are becoming increasingly close, the supervision on cryptocurrencies is increasingly strict.